Robert E. Hensley
GLOBE LIFEAbout Robert E. Hensley
Robert E. Hensley (age 57) is Executive Vice President and Chief Investment Officer of Globe Life Inc. since July 2021, following service as Divisional SVP, Investments across Globe Life’s insurance subsidiaries since February 2021; previously Vice President at Provident Investment Management LLC (1999–2020) . During his tenure, Globe Life delivered 2024 operating EPS of $12.37, net operating income of $1.109B, and increased book value per share ex-AOCI by 13% YoY; total premium grew 5% and net investment income rose 7%, with above-target incentive plan payouts consistent with the company’s pay‑for‑performance design . Shareholder support for executive pay remained strong (92% Say‑on‑Pay approval in 2024; five‑year average ~90%) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Globe Life Inc. | EVP & Chief Investment Officer | Jul 2021–present | Oversees invested assets and investment strategy across subsidiaries |
| Globe Life subsidiaries (American Income, Family Heritage, Globe Life And Accident, Liberty National, United American) | Divisional SVP, Investments | Feb 2021–present | Unified portfolio management across life/health platforms |
| Provident Investment Management LLC | Vice President | Nov 1999–Nov 2020 | Led asset management functions; long-duration liability-aware investment oversight |
External Roles
No external public company directorships or board roles disclosed for Hensley in the 2025 proxy .
Fixed Compensation
| Compensation Element | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 485,000 | 510,000 |
| Target Annual Incentive (% of Salary) | — | 65% |
| Actual Annual Incentive Paid ($) | 360,000 | 470,000 (141.8% of target) |
| 2025 Base Salary ($, effective 1/22/2025) | — | 555,000 |
Performance Compensation
Annual Incentive (MIP) – 2024 Design and Outcome
| Metric | Weight | Target | Actual | Metric Payout | Notes |
|---|---|---|---|---|---|
| Operating EPS | 50% | $11.40 | $11.96 | 150.0% | Growth over 2023 actual; formulaic design |
| Total Premium ($mm) | 30% | $4,680 | $4,666 | 93.2% | Emphasis on profitable growth |
| First-Year Collected Premium ($mm) | 20% | $545 | $576.2 | 128.5% | Measures quality sales via cash collections |
| Corporate Performance Factor | — | — | — | 128.6% | Committee applied no discretion |
| Hensley Actual MIP | — | $331,500 | $470,000 | 141.8% of target | Target = 65% of $510k |
Long-Term Incentives – 2024 Grants (Awarded 2/28/2024)
| Vehicle | Intended Mix | Quantity | Grant Date Fair Value ($) |
|---|---|---|---|
| Stock Options (7-year term; 50% vest Yr2, 50% Yr3; strike $128.40) | 40% | 18,800 | 635,252 |
| Performance Shares (2024–2026, cliff vest) | 40% | Target 5,000; Max 10,000 | 642,000 |
| RSUs (3-year cliff vest) | 20% | 2,440 | 313,296 |
Performance Share Metrics – 2024 Grant Cycle (Performance Period 1/1/2024–12/31/2026)
| Performance Level | Payout | Book Value/Share ex‑AOCI Target | Avg Net Operating Income ROE Target |
|---|---|---|---|
| Threshold | 50% | $101.00 | 11.70% |
| Target | 100% | $107.00 | 13.70% |
| Maximum | 200% | $112.00 | 15.50% |
Vested Performance Shares – 2022 Grant (Performance 2022–2024)
| Metric | Weight | Actual | Payout Multiplier |
|---|---|---|---|
| Cumulative EPS | 40% | $29.08 | 123% |
| Underwriting Income ($mm) | 30% | 2,725.5 | 87% |
| Net Operating Income ROE | 30% | 13.86% | 109% |
| Total Payout Factor | — | — | 107.7% |
Equity Ownership & Alignment
Beneficial Ownership (as of Jan 31, 2025)
| Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|
| 48,990 | * (<1%) | Includes 41,700 shares subject to presently exercisable options |
Outstanding Equity Awards at FY2024 Year-End (Market price $111.52/share)
| Award Type | Grant Date | Status/Quantity | Key Terms/Value |
|---|---|---|---|
| Stock Options | 02/28/2024 | 18,800 unexercisable | $128.40 strike; expire 02/28/2031 |
| Stock Options | 02/22/2023 | 17,400 unexercisable | $120.49 strike; expire 02/22/2030 |
| Stock Options | 02/23/2022 | 16,500 exercisable; 16,500 unexercisable | $103.23 strike; expire 02/23/2029 |
| RSUs | 02/28/2024 | 2,440 not vested | Market value $272,109 |
| RSUs | 02/22/2023 | 2,350 not vested | Market value $262,072 |
| Performance Shares | 02/28/2024 | 10,000 unearned (max projection at FY-end) | Market value $1,115,200 |
| Performance Shares | 02/22/2023 | 9,200 unearned (max projection at FY-end) | Market value $1,025,984 |
| Performance Shares | 02/23/2022 | 5,384 earned (vest on certification in 2025) | Market value $600,424 |
| 2024 Vesting/Exercises | 2024 | Options exercised: 0; Stock vested: 0 | No realized selling pressure in 2024 |
Ownership Policies
- Stock ownership guidelines: EVP = 3× annual salary; seven‑year accumulation period; until met, must retain at least 50% of “profit shares” from equity vesting/exercise .
- Hedging and pledging: Prohibited for officers and directors under Insider Trading Policy .
- Compliance status: As of 12/31/2024, all directors and NEOs met guidelines or were within accumulation period .
Employment Terms
- Employment agreements: NEOs (including Co‑CEOs) do not have employment contracts .
- Executive Severance Plan: Adopted Nov 2024; effective Jan 1, 2025; Hensley eligible subject to participation agreement (company did not disclose multiples in proxy) .
- Clawback policy: Adopted Nov 8, 2023; “no‑fault” restatement trigger; recoupment of excess incentive compensation over the prior three completed fiscal years; no indemnification permitted .
- Non‑compete / Non‑solicit: Equity awards include 2‑year post‑separation non‑competition, non‑solicitation, and confidentiality obligations (longer if retirement during remaining vesting) .
- Change‑in‑control terms: If awards not assumed, options vest, RSUs vest, and PSUs pay prorated 100% target; if assumed, double‑trigger acceleration on termination without cause or for good reason within two years (three years for RSUs) .
- Termination/Change‑in‑Control Value (as of 12/31/2024; $111.52/share):
• Early retirement: Options $273,570
• Disability/Death: Options $273,570; PSUs $1,628,192; RSUs $534,181
• Change in control: Options $237,570; Unissued PSUs $1,628,192; RSUs $534,181 . - Retirement/Life programs: Covered by Death Benefit Only Plan (2× base salary up to $500,000) .
- Pension/SERP: Present value of accumulated benefits at 12/31/2024—Pension $279,239; SERP $412,816; credited service 4 years; SERP eligibility generally at age ≥60 and ≥7 years of service (Hensley not yet eligible) .
- Perquisites (2024): $10,325 total (401(k) match $7,451; excess life insurance premiums $2,874; perquisites not above $10k); personal aircraft use permitted for executives only in limited, pre‑approved circumstances .
Performance & Track Record (Company context during Hensley’s tenure)
| Metric (FY) | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Operating EPS ($) | 6.88 | 9.63 | 9.71 | 10.65 | 12.37 |
| Net Income ($000s) | 731,773 | 1,031,114 | 894,386 | 970,755 | 1,070,762 |
| Total Shareholder Return ($ per $100 initial) | 91 | 91 | 118 | 120 | 111 |
| Book Value/Share ex‑AOCI ($) | — | — | 68.35 | 76.21 | 86.40 |
| Total Premium ($mm, FY2024 vs FY2023) | — | — | — | $4,445 (implied base) | $4,666 (+5% YoY) |
Additional operational highlights: Net operating income >$1B for second consecutive year (+8% YoY); net investment income +7%; exclusive agencies’ life and health net sales +13% with producing agent count +11%; >$1B returned to shareholders via dividends and buybacks in 2024 .
Compensation Structure Analysis
- Mix skews long-term, performance-linked: Options (service-based, value tied to share price), PSUs (book value per share growth and NOI ROE), RSUs (retention), and MIP tied to operating EPS, total premium, and first-year collected premium .
- 2024 outcomes paid above target consistent with strong operating results (MIP factor 128.6%; 2022–2024 PSUs at 107.7%) .
- Governance protections: Robust clawback; no single-trigger change-of-control vesting; prohibition on hedging/pledging; ownership/retention guidelines and 50% profit-share retention until met .
Investment Implications
- Alignment: Significant unvested PSUs/RSUs and multi-year options vesting create sustained alignment; hedging/pledging ban and ownership/retention rules further reduce misalignment risk .
- Retention: Vesting (options Yr2/Yr3; PSUs 3‑year cliff; RSUs 3‑year cliff) and SERP eligibility rules suggest low near-term departure risk; 2024 exec severance plan adds market-standard protections without disclosed golden parachute multiples .
- Selling pressure: No option exercises or share vesting reported for Hensley in 2024; upcoming 2022 performance shares vest in 2025 may modestly increase liquidity, but ownership guidelines constrain net selling until compliance .
- Pay-for-performance: Above-target incentive payouts are supported by operating metrics and capital discipline; continued focus on book value per share and NOI ROE should keep incentives tied to value creation in a long-duration insurance portfolio context .